The IBBI imposed a two-year suspension after finding that the insolvency professional failed to disclose a financial transaction involving an entity linked to a prospective resolution applicant during the CIRP.
SEBI has proposed replacing name-wise executive remuneration disclosures with consolidated disclosures for AMCs. The move seeks to maintain investor transparency while addressing privacy and proportionality concerns.
The Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the absence of evidence showing any benefit returned to the donor.
The Court ruled that confiscation proceedings before Customs Authorities do not amount to prosecution before a judicial tribunal. Consequently, subsequent criminal prosecution for the same act was held not to violate Article 20(2).
Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation remain valid and enforceable. Mere keeping of demand in abeyance did not invalidate already communicated assessment orders, nor did it require passing of fresh assessment orders after rejection or abatement of settlement proceedings.
The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be characterized as unexplained income. In the absence of evidence pointing to any other source, the income should be assessed under normal business provisions.
The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cannot be added to income. It directed the Assessing Officer to tax only the profit element embedded in such purchases following settled judicial principles.
The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on merits as mandated under Section 250(6). The matter was remanded for fresh consideration with a direction to pass a reasoned and speaking order after granting one final opportunity to the assessee.
Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understanding the updated calendar can help avoid penalties and preserve important tax benefits.
The article explains the legal framework governing debenture issuance under the Companies Act, 2013. It outlines the types of debentures, compliance obligations, and procedural steps private companies must follow.
